It’s everyone’s favorite time of year—tax time! Unless you’re an accountant and have oodles of in-depth tax knowledge, you likely dread April every single year. Filing your taxes doesn’t have to give you a headache. These tips can help you keep tax filing easy.
Have Last Year’s Taxes on Hand
Your tax paperwork from last year can be extremely helpful when you go to file for this year. Much of the information may be the same, including employer information, personal information, bank account numbers, and deductions. Of course, you’ll still want to go through your current year’s taxes with a fine-tooth comb, but this tip can save you quite a bit of time right away.
Keep Your Personal Information Nearby
To file and fill out the necessary forms, you must have identifying information for everyone in your family. This includes employment information, social security numbers, and contact information. Keep all your tax paperwork nearby so you’re not running back and forth when you start your taxes.
Use Software or an Accountant
Yes, you can get free forms at many locations, but this isn’t typically the easiest way to do your taxes. The average person doing their taxes will find it much easier and much less stressful to simply use tax software like Turbo Tax or even hire an accountant. If you have a complicated tax situation, going with an accountant may be the better choice. Otherwise, look to your bank or credit union for tax software recommendations or discount codes. In some cases, filing early can save you money and worry.
Review Your Taxes Before Filing
Your taxes are one area of your life where you don’t want to rush. Before you hit that “file” button, go through all of your tax paperwork. Look for missing information, incorrectly-entered numbers, or just plain wrong entries. Spending a little bit of time checking this out can save you money and time when your paperwork goes to the IRS.
Are you going to file early this year so you can rest easy when April 15 rolls around? What’s your favorite tax preparation software?
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